I think there are enormous risks and enormous costs to doing this slowly over time because I do believe markets are smart.

We received a response on December 30. We have posted that response on our Web site.

I applaud the Obama Administration for the reforms they are considering and will soon announce.

I can only say I share your deep concern that this is where the problem started, and if the solution doesn't start there, then in my view, it is not a solution.

I see our role as much more of looking at things like the structure overall, whether or not we have a framework that is going to work or is it just ad hoc, how things are put together.

Well, we know that Mr. Kashkari, who was in charge of the TARP program in the previous administration, remains in charge of the TARP program.

the concept of flexibility and giving a lot of flexibility to the Secretary of Treasury was a very reasonable and thoughtful approach.

Frankly, Senator, I just don't think we are at trust anymore. I want to see the mechanisms.

I think we are way past 'Trust me.' I am an empiricist. Show me what you have done and I will tell you whether or not I think it addresses the problem.

when Citibank is declared a healthy bank and then within a matter of weeks is declared at risk of bringing down the whole system, we have to have some skepticism about the identification of these banks as healthy banks.

Well, I think it is a very creative idea, the notion that your own money is on the line...

I am a strong believer in supporting those who took the prudent steps, and I think we best support them by saying that the others have to pay the price.